Ways to Save Money to Pay for Rent

Renting an apartment is exciting, but it does come with big responsibilities. Considering your finances and moving into an apartment you can afford is important. You don’t need to feel that you are stuck with the listed prices in your desired locations because there are a few steps you can take to save money on rent, until you are ready to move up the real estate ladder and buy your first home. Review your income before you decide to rent.

Negotiate

Luckily, sometimes there is room to negotiate your rent and your deposit fee or have your application fee waived. These requests depend on the location and time of the year you are looking to rent in. Negotiating is difficult in areas with high real estate demand, especially during the year when schools are reopening for the fall.

If you never ask, the answer will always be ‘no.’ So don’t be afraid to request a lower price because sometimes agents will comply. Large complexes offer increased liberty to negotiate the prices since the management wants to keep the apartments full at all times.

Looking to rent at the right time can make a huge difference. For instance, if you are looking to rent in an area with a significant presence of financial institution(s) and students, look for a place during the summer while most students are away.

Private Rentals

Saunas and gyms are among the many utilities apartment communities usually offer, however, if money is an issue, look for private rentals through online, newspapers, and drive around the location you are looking to rent in. Initial savings may not be too much since utilities will most likely not be included, however, rent is often cheaper and a lot of money can be saved.

Make sure to read your contracts carefully and inspect the property before you sign the lease.

Rental Companies

Rental companies are similar to private rentals, but their properties are managed by a company. A rental company is a better alternative to an apartment complex since the reputation of the rental management company can easily be assessed and common repair requests are rapidly responded to.

Different Location

Tradeoffs between location and prices often occur. Renting an apartment close to the downtown core may be expensive, however, you may save significantly by choosing to move 15-20 minutes away from your desired location. Your proximity to your work or school should be kept in mind because you don’t want to have long hours of commute time either. If transit options are convenient and readily available, then you may opt to live a little further from your chosen location.

Roommates

Roommate(s) is a great way to save money on rent. A two bedroom apartment is usually $100 to $200 more compared to a one bedroom apartment. You can have a home at half the price with the help of a roommate. Make sure to establish great communication with your prospective roommate(s) and make sure that you are on the same page with them in terms of cleanliness, guest policies, and lifestyle.

It is extremely important that you and your roommate(s) sign separate leases. In that case, if one roommate fails to submit the rent for the month, your lease is not affected.

Contact Progressive Real Estate!

Located in Winnipeg, Progressive Real Estate helps people find spectacular houses and rental properties. Our primary motive is to provide home buyers and renters with the best real estate options at affordable prices. Visit our site at progressiverealestate.ca or call us at 204-817-9034. You may also email us at info@progressiverealestate.ca with any questions that you have.